Real Estate Agency Law Fiduciary Duties
A true agency relationship, as designated by a written agency agreement, has certain additional duties legally required and for which the agent can be held liable if violated or not performed as required. To help you to remember them, use the acronym OLDCAR. Obedience: Barring illegality or superseding the terms of the representation contract, as an agent of your client, you must obey their instructions. As an example, let’s say you’re a seller agent who has two buyer offers almost identical in price and contingencies in-hand....